UK Landlord Forum / Life

I live in a building which has four separate addresses. I own 3 of them and my neighbour owns 1. We are all Leaseholders. We have a share of the Freehold. The Freehold is owned by a Company set up for us, where we are Directors. We are equal as Leaseholders. We are equal as Directors. I have 3 shares in the Company. He has 1 share.

My neighbour came to me the other day and asked me for some advice. He and his wife are pensioners, quite old, and they've recently employed a Financial Advisor who has been coming around to visit them every couple of weeks to go through things like their Will and all that stuff.

My neighbour says the Financial Advisor has recommended to them that they put their property into a Trust. He reckons this will save them "some money" if they ever have to go into a Care Home. This Financial Advisor was asking my neighbour all about whether the property was Freehold or what, and he had come to ask me whether I would have a chat with the Financial Advisor (not because I'm in any way senior - just because he thinks I know more about things like this - which I really don't). Apparently the Financial Advisor was telling him he needed some kind of certificate to put his property into Trust.

We sat down and chatted this through - I told him that I'd seen on the news recently that I thought this problem (of people needing to sell their home to cover care costs) was going to be a thing of the past soon. I said I did think people are moaning about people in cheaper properties (generally up North) not getting as good a deal as those in more expensive properties, but I still thought things were better than they had been and I'd need to realise some pretty big savings to consider putting my property into a Trust. I also asked him what on earth happens if they do go into a care home - is the property left empty or does someone get to 'inherit' it before they pass on? He didn't know the answers and re-iterated that I might discuss it with the Financial Advisor.

I said I was very reluctant to do so... not because I didn't want to help, but I'd explained the Leasehold with a share of Freehold situation to him and confirmed that we are both Directors of the Company - so I saw no reason why I needed to be involved in his private financial affairs - whatever I could do as a Leaseholder / Director in relation to a needed certificate, he could also so.

He was happy with that, and said he would try to explain it to the Financial Advisor... but I didn't let him go before pressing him on what these savings were. He says the Financial Advisor has told him that by doing this he could save them £200!

I asked - what? £200 every month? £200 every year? And he said no, just £200 as a one-off. So I said to him - why even bother when you're talking about jumping through hoops to put your property into a Trust, which surely complicates matters, for the sake of £200?

He agreed.

After he spoke to the Financial Advisor he asked me one more time if I would have a chat with him... so either he or I could "explain things" and, again, I demurred and reiterated that he could do anything I could do as a Leaseholder / Director.

Now... fast forward to last night... I was having a bubble bath (get that image out of your head!) and I could not stop thinking about that advert on TV where a Pension Advisor was seen laughing and cavorting around on a jet-ski... where some old fella was sat on a couch in a small dreary living room saying - "he took it all"... I haven't met the Financial Advisor or spoken to him (yet) but I have the feeling my neighbour is being persistently persuaded to arrange to put his property into Trust.

And as I don't understand this... I am wondering if there is risk to him?

Any thoughts?

And about me... what would you do? What would Jesus do?

Lots to read there, I know. Sorry.

I think you were right to not get involved. It's his personal finances, and as you say as a director he has the same rights as you. I'm sure if he needed you to agree to things, and they weren't impacting you personally you would agree to it as all good neighbors do.

Only niggling thing is for me; is whether he was too polite to ask but really came to you for a safeguarding aspect. You've obviously quite savvy in areas of property, and you potenitally stop him being the poor bloke on the couch. Who knows?

This does sound a bit odd.Unless this couple have a lot of different investments/properties it is hard to see why an advisor would be needing to pop in every couple of weeks.Likewise making a will should not be a lengthy and complicated matter.I wonder how they came to choose him,or did he approach them? I can't help but wonder if they are being groomed.As far as you can tell,are they in possession of their marbles? Jesus was a kindly soul by all accounts,but I am a bit more cynical sadly. I would be inclined to get his details and do a bit of checking.If it all seems kosher I would leave them to it.
I am going back now to thinking of you in that bubble bath.

I did have a chat with the Financial Advisor in the end. For the life of me I cannot remember how it went... it was over a year ago and it's more likely to be me that doesn't have all my own marbles (people stole them!).

What I do know is that I was never required to do anything beyond that call. So me, being incorrigibly lazy, counted that as a win.

I think I just described the setup of this sham / useless / dormant company that was set up way back when, and which I'm a Director of. No-one cares, except Companies House who seem to think we're the most important going concern ever and always seem to want something from us.

Anyway, I use a power drill (cordless) with a long paint stirring attachment to rile up my bubbles. It's pretty intense! All I need is someone to share this with... not share the fact that I do this, share in the actual bubbles!

I did not notice that you posted this a year ago.I guess the neighbour just wanted to demonstrate to the Finance guy that he did have someone to give a second opinion.
Have you thought about going on to Dragon's Den with that bubble bath gadget? I am sure there will be plenty of perverts/ fetish fans who would love to buy one.Is it not a bit dangerous,a power drill near (ahem) delicate bits? Had you had a few drinks when this brilliant idea came to you?

Perhaps the attached would be a little safer than a cordless drill.

If anything gets caught unexpectedly, you'll stop turning pretty damn quick.

No, no... you all misunderstand... I pour in the bubble bath, start the hot water running, then create the frenzy of bubbles while standing over the bath with the drill in my right hand... extra bubble bath, if needed, in the left hand (plus, often glass of Baileys in-hand - the other hand).

Modified: Changed a right to a left. Enough said.

I can see now that my safer bubble whisk is totally inappropriate as it wouldn't leave you a free hand for the Baileys.

Yea,it all sounds very kinky to me.Nurses have a wealth of stories about people who turn up in A&E having had a freak "accident".My favourite recounted by a nurse mate involved a man who tripped over his kid's dinky cars left on the bathroom floor.He had probably been drinking Baileys too.